Loan Program for Internationals at Chicago GSB
This week, the University of Chicago Graduate School of Business announced a guaranteed loan program for international students that covers the full cost of tuition, housing and related expenses. According to a statement released by the school, all international students in the MBA and PhD programs qualify for the loan program and no U.S. cosigner is required.
The new program replaces one that ended abruptly in July when the Illinois Designated Account Purchase Program (IDAPP) failed to renew its line of credit due to disruptions in the capital markets. Administered by Citibank, the Chicago GSB International Loan Program is available to returning students as well as new students entering the school in September.
“In order to obtain the best terms for our students, the school is contributing funding to the new program,” says Rosemaria Martinelli, associate dean for student recruitment and admissions, adding that compared with the previous loan program, the new rates and terms are more favorable to students.
The school is committed to ensuring that all students, regardless of citizenship, have access to funds by the start of classes on September 25, Martinelli explains. An online application will be used to simplify the process for applying for a loan. Students will be able to borrow up to $150,000 and have 20 years to repay. Payments can be deferred to begin six months after graduation.
The University’s arrangement with Citibank is for one year. Beginning next year, Martinelli says Chicago GSB expects to offer international students a choice of several loan programs from multiple lenders.
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